Construction group Aveng, whose market value has shrunk to a fraction of its R28bn peak a decade ago, suffered a setback on Friday after a court blocked its bid to stop claims by the SA National Roads Agency (Sanral) over an incomplete R1.6bn project. The company’s share price collapsed 33% to an all-time low of 2c on Friday after the Pretoria High Court dismissed an application by AvengStrabag, a joint venture made with Austrian construction group Strabag International, paving the way for the state-owned national roads agency to sue for the unfinished Mtentu Bridge project in the Eastern Cape. The latest drop in the shares pushed its decline so far in 2019 to 60%, valuing the company, once a member of the JSE Top 40 index, at just R388m, a far cry from its 2008 peak in the lead-up to SA hosting the soccer World Cup in 2010. Aveng had made an urgent application to prevent Sanral from making a call on two contract securities — a R245m performance guarantee and an R82m retention money...

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